MGP Ingredients (NASDAQ:MGPI) Reaches New 12-Month Low – Time to Sell?

MGP Ingredients, Inc. (NASDAQ:MGPI)’s stock price reached a new 52-week low during trading on Monday . The company traded as low as $25.62 and last traded at $26.56, with a volume of 519873 shares trading hands. The stock had previously closed at $26.88.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. StockNews.com cut MGP Ingredients from a “hold” rating to a “sell” rating in a report on Friday, February 28th. Lake Street Capital raised shares of MGP Ingredients from a “hold” rating to a “buy” rating and dropped their price target for the company from $55.00 to $45.00 in a research note on Thursday, February 27th. Roth Mkm cut their price target on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a report on Monday, December 23rd. Finally, Wells Fargo & Company decreased their price objective on shares of MGP Ingredients from $40.00 to $37.00 and set an “overweight” rating on the stock in a report on Wednesday, April 2nd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $66.00.

MGP Ingredients Stock Down 1.2 %

The firm has a market capitalization of $569.19 million, a PE ratio of 5.52 and a beta of 0.61. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. The business has a 50-day moving average price of $32.07 and a 200-day moving average price of $45.74.

MGP Ingredients Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.48 annualized dividend and a dividend yield of 1.79%. MGP Ingredients’s dividend payout ratio is currently 31.79%.

Insider Buying and Selling at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg purchased 5,348 shares of the firm’s stock in a transaction on Tuesday, March 11th. The stock was bought at an average price of $32.59 per share, with a total value of $174,291.32. Following the transaction, the director now directly owns 358,899 shares of the company’s stock, valued at approximately $11,696,518.41. This represents a 1.51 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 36.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC raised its position in MGP Ingredients by 162.0% in the 4th quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock valued at $27,000 after purchasing an additional 431 shares in the last quarter. Versant Capital Management Inc lifted its stake in MGP Ingredients by 192.5% in the fourth quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock worth $28,000 after acquiring an additional 460 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in MGP Ingredients by 56.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company’s stock worth $75,000 after acquiring an additional 687 shares during the last quarter. Quarry LP acquired a new position in MGP Ingredients during the 4th quarter worth approximately $75,000. Finally, Point72 Asia Singapore Pte. Ltd. increased its position in shares of MGP Ingredients by 58.3% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,996 shares of the company’s stock valued at $79,000 after purchasing an additional 735 shares during the last quarter. 77.11% of the stock is currently owned by hedge funds and other institutional investors.

MGP Ingredients Company Profile

MGP Ingredients, Inc, together with its subsidiaries, engages in the production and supply of distilled spirits, branded spirits, and food ingredients in the United States and internationally. The company operates through three segments: Distillery Solutions; Branded Spirits; and Ingredient Solutions.